Carol Realini, in her book BankRUPT, presents a radical new perspective on recreating the US banking system and its prevailing ‘culture’. BankRUPT is very much informed by Carol's experience of working in emerging markets and the innovation that she witnessed (and led) there.
Carol presents facts about banking that will chime with many peoples' own experiences. She shows how banking's evolution over the years has been ''bland'' to say the least, with a lack of moral leadership and insufficient commitment to excellence, leading to an erosion in consumer confidence.
She builds the argument for radical change using case studies from emerging markets that (perhaps surprising to some) have become the models that the big US banks can follow. These case studies show that, ‘it can be done’.
It's a tribute to Carol that BankRUPT is an easy read, whilst not shying away from complex issues. But the core idea is simple, that US banks need to sincerely put consumers’ benefit and welfare at the heart of their reason for being. It's time to bring Jimmy Stewart back to banking as Carol says early on.
I strongly recommend BankRUPT for all wanting to see banking rebranded.
Disruptive processes around the world are banking the unbanked and creating business and social wins for everyone. It's time that the US harnessed this change.
Jojo Malolos is President and CEO at Smart Hub Inc., a subsidiary of Smart Communications Inc.